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The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operat
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Answer #1
Journal Entries In The Books of Stridewell corporation
For the month of june 2021
S.no Particulars Debit Credit
1 Cash 450000
    Common stock 450000
( Being 90000 shares issued for cash)
2 Office Equipment 80000
     Cash 32000
     Note Payable 48000
( Being Office Equipment Purchased )
3 Inventory 180000
     Creditor 180000
( Being Inventory Purchased)
4 Debtor 306000
     Sales 306000
(Being Sales made)
5 Cost of goods sold 153000
   Inventory 153000
(Being Inventory reduced)
6 Rent 4000
    Cash 4000
( Being Rent paid for Store Building)
7 Prepaid Insurance 2160
    Cash 2160
(Being Insurance Paid)
8 Creditor 130050
    Cash 130050
(Being Amount Paid to Creditor)
9 Cash 61200
   Debtor 61200
( Being Amount Collected From Customer )
10 Dividend 4500
    Cash 4500
(Being Cash Dividend Paid to Shareholders)
11 Depreciation 1600
Office Equipment 1600
(Being Depreciation Charged)
11 Insurance Expense 180
   Prepaid Insurance 180
(Being Insurance Expenses Recorded)
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